Commercial & Business Law
India resolves insolvency and bankruptcy under the Insolvency and Bankruptcy Code, which replaces the US Chapter 7 concept with its own time-bound framework for companies and individuals. What it is: the legal process to resolve or liquidate the affairs of a debtor unable to pay debts, whether a company, partnership, or individual. When it applies: when a company defaults on debt and a creditor or the company initiates the corporate insolvency process, or where personal insolvency arises; the Code is administered before the National Company Law Tribunal for corporate matters. How an advocate helps: an advocate advises creditors or debtors on initiating or defending insolvency proceedings, prepares applications and claims, works with insolvency professionals, and represents you before the Tribunal. The advocate helps creditors recover dues and helps debtors seek an orderly resolution. First steps: gather loan and default documents, financial statements, and correspondence; note the amount and date of default. Book a consultation to understand whether the insolvency route fits your situation, the forum and timeline, and your position as creditor or debtor under the Insolvency and Bankruptcy Code.
